Snacking market opportunity in India

Snacking market opportunity in India

Investment Thesis Health-focused packaged snacking market is a large and attractive market growing at a CAGR of ~20% between FY19-24, driven by increasing prevalence of diabetes, rise in cardiovascular diseases & focus on balanced nutrition Protein rich packaged foods such as powder, bars, milkshakes, cookies, etc remain the most effective way to drive protein consumption  Product quality, product coverage & availability, and trade schemes by brands are critical determinants of success for a snacking brand Good shelf placement with products being stored near to the eye level in MT and placed near point of purchase with good visibility in GT Strong customer feedback on product quality and taste across geographies – high propensity of new product trial as well among existing customers Target has created a strong brand equity through differentiated product portfolio, sticky customer base and omnichannel Pan-India distribution Robust distribution system with good on-ground feedback due to sustained demand, attractive trade terms, and responsive sales organization